Thursday, September 21, 2023

Nigeria’s Stock Exchange Plans To Adopt Blockchain Technology

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Nigeria’s stock exchange plans to adopt Blockchain technology as young Nigerians made up a huge part of the trading volume and they often ignore local exchanges so let’s read more today in our latest cryptocurrency news.

Nigeria’s stock exchange will roll out a blockchain-enabled trading platform next year and will facilitate the capital marekt to bring more investors. The main application of the DLT technology will be in trade settlements as the company revealed. According to Bloomberg, the exchange will team up with a tech company and aim to receive approvals from the Nigerian watchdogs by 2023. The CEO of the Nigerian Exchange LTD Temi Popoola saw Blockchain technology as a facilitator of the financial market and a way to trade financial assets effectively. He added that the deployment can allow young investors to have faster and easier access to the market as they accounted for most of the crypto users in the country.

The company’s electronic share offering issued by MTN Group last year was 1.2 times oversubscribed with 8% of the investors under 40 years old. It’s unclear whether the exchange will be implicated with crypto but if so, it will operate in compliance with the Nigerian SEC and the regulatory framework by the country’s central bank. The Central Bank of Nigeria banned the banking sector from conducting crypto transactions and allowing individuals to trade them so the organization cited crypto as a risk to the financial system.

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The Nigerian SEC said that it was well equipped to provide the required regulations and protect the investors. Bloomberg noted that the African businesses and policymakers adopted blockchain technology for various applications and a year after the CBDC was introduced, Nigeria was set to enable locals and pay for their bills. In the meantime, the authorities of South Africa are engaging with the fintech industry to incorporate the technology into the financial markets.

As recently reported, The digital asset is a token that represents these assets like debt or equity claim on the issuer so this by default is under the purview of the Nigerian SEC, the regulator noted in a new rulebook published over the weekend. The Nigerian SEC new rules on issuing and offering custody of digital assets, aim to give regulatory clarity to the booming market which is growing immensely year on year in the nation of tech-comfortable people.

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